Retail liquidator GA Group and Joann's term lenders won the bidding for the struggling company on Saturday, Feb. 22. In collaboration with the new ownership group, the Hudson, Ohio-based retailer announced it will shut down operations at all stores after conducting going-out-of-business sales at each location.

Joann, the fabrics and crafts retailer, announced it will close all of its remaining stores, following roughly a year of financial turbulence. After filing for Chapter 11 bankruptcy last month for the second time in under a year, Joann is going out of business and will shut down all 800 of its stores nationwide.